CL 03 12 (1 Min) 01.12.12

1/12/2012 Monthly Retail Sales (0330 HI time / 0830 EST)
Core Forecast: 0.3%
Core Actual:-0.2%
Previous revision:+0.1% to 0.3%
Regular Forecast: 0.3%
Regular Actual:0.1%
Previous Revision:+0.2% to 0.4%
SPIKE WITH 2ND PEAK
Started @ 102.11
1st Peak @ 101.77 – 0333 (3 min)
34 ticks

2nd Peak @ 101.52 – 0346 (16 min)
59 ticks

Reversal to 102.13 – 0412 (42 min)
61 ticks

Notes: Report fell well short of forecast causing a strong downward spike and follow on reversal . Spike had to fight through the R1 line (long tail on the 0231 candle) then fell without much resistance until 0346. Reports broke at same time as the weekly unemployment claims report which was strongly negative at 399K, adding some of the momentum to the spike. I would probably trade this report as unemployment claims would be overshadowed by retail sales.